Knowing the Business is Critical to Effective Risk Oversight In this article, the author shares excerpts of a speech he presented to board members regarding the importance of managing risk and sources of risk.
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Risk Management, Compliance are Key Challenges, Auditors Say Forty-one percent of audit committee members point to risk management as the biggest challenge to their organizations this year, according to a recent KPMG survey. Other major issues include regulatory compliance and “maintaining the control environment in an extended organization,” respondents said. To read the full article in CFO, click: Audit Committees Face Expertise, Risk Management Challenges.
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Forensic accounting examinations of not-for-profit entities The keys to performing a successful expert forensic accounting fraud engagement is to gain an understanding of the present internal control system, including policies [or lack thereof] in place to prevent fraud and abuse, as well as other key steps and procedures, as John J. DeLuca outlines in this article.
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Are Deficiencies More Common? Or is it Simply that PCAOB Now Successfully Targets Audit Areas Prone to Problems? Emily Chasan at the Wall Street Jurnal’s CFO Report delivers the news that The Public Company Accounting Oversight Board has been catching an increased number of audit errors around fair value measurement this year, says PCAOB member Lewis Ferguson. He notes that audit regulators around the world have been finding issues with fair value measurement as well as auditor independence and going concern opinions.